Today I’m thrilled to announce the upcoming launch of RootstockCollective, a DAO designed to create a more inclusive, exciting, and rewarding ecosystem for builders on Bitcoin. As the name suggests, the DAO is launching on Rootstock, the longest-running and leading Bitcoin sidechain.
As a merged-mined Bitcoin sidechain, Rootstock’s heartbeat is inextricably linked to Bitcoin. With blocks separated by seconds, instead of minutes, the Rootstock network ‘beats’ a lot faster and serves as a scaling solution for Bitcoin. On Rootstock, developers are able to build rich, EVM-compatible, web3 apps – and they can do this using Bitcoin as the native currency, in the form of RBTC.
RootstockCollective was formed to address a critical challenge faced by Bitcoin builders: value capture. Historically, only Bitcoin miners and BTC holders benefited from the Rootstock network’s growth. This changes today with the introduction of the RootstockCollective.
RootstockCollective Roadmap
For the first time, innovators building on Rootstock will actively take part in the Rootstock economy and value creation. To serve that purpose, we have put down a roadmap that ensures RootstockCollective is on its way to becoming fully decentralized and community-driven.
We will begin with a decentralized grants program, expected to launch before the end of the year, aimed at supporting innovative projects that build on Bitcoin through Rootstock. Additionally, we are planning to introduce incentives for members of the DAO and for new protocols building on Bitcoin using Rootstock.
Funding & Governance
To ensure the success of RootstockCollective, the RootstockCollective treasury is being bootstrapped with more than $10 million. The Rootstock Infrastructure Framework (RIF) token, which was launched on the Rootstock network in 2019, will play a crucial role in the new DAO. Holders of RIF will be able to stake their tokens in the DAO as “stRIF” to gain voting rights and an exciting roadmap of additional perks.
Our goal is to make it more rewarding for developers building products and services on top of Rootstock. The RootstockCollective treasury will be used to issue grants to projects selected by DAO members. We also plan to offer additional perks to our members, such as airdrops and exclusive access to events.
Why we chose RIF token
The decision to anchor governance to the RIF token is designed to maximize benefits for the community. RIF is one of the most widely available and easily accessible tokens on Rootstock. By linking governance power to RIF token, community members can actively participate in decision-making through stRIF, which is minted by staking RIF.
This approach allows members to utilize a token they are already familiar with, ensuring a seamless transition into governance roles. Additionally, it strengthens the community’s influence over the future direction of Rootstock, as the DAO can integrate other RIF-enabled protocols, such as RifOnChain and RIF Name Service (RNS), and direct ecosystem revenue to support community-led initiatives.
Ultimately, this connection enhances the utility of the RIF token and empowers the community to play a central role in the ecosystem’s growth and sustainability.
Why we built on Rootstock
We believe that Bitcoin will play a critical role in the global financial system of the future, and that Bitcoin Layer 2 solutions and scaling technologies like Rootstock are essential to this vision. RootstockCollective has been established to further democratize the development of the ecosystem being built on Bitcoin through Rootstock.
Be one of the early adopters
We invite early adopters to join RootstockCollective. Starting September 19th, 2024, the first 100 adopters who participate will receive an exclusive membership card in the form of an NFT deployed on Rootstock, followed by special perks in the community, and incentives for builders and stakers who join during the initial phase.
We look forward to building the future of Bitcoin together.